Business Loan from Farmington Savings Bank Given to Excavation Work Company

An SBA loan from Farmington Savings Bank typically comes with favorable terms and competitive loan rates. In this SBA loan issued by the bank, an Unionville, Connecticut business owner got a $60,000 loan.

This growing company received financial assistance through the SBA's lending programs back in 2004. They applied for an SBA loan with Farmington Savings Bank, out of Bristol, Connecticut. The loan was granted and they received $60,000 to help grow their Unionville, Connecticut business.

SBA Loan Borrower

COMPANY TYPE: EXCAVATION WORK
UNIONVILLE, CT 06085

SBA Loan Lender

FARMINGTON SAVINGS BANK
475 BROAD ST
BRISTOL, CT 06010

This loan was provided via the SBA's LowDoc (Low Documentation) program. For these loans, the SBA can guarantee up to 80 percent of the loan amount. More importantly, completed applications are processed quickly by the SBA, usually within two or three days, and the required documentation to get a loan is minimal.

SBA Loan Program Type

This loan was issued as a general business loan.

SIC Code

1794 - Excavation Work

NAICS Code

238990 - Specialty Trade Contractors

Loan Approval Date

2/17/2004

Loan Approval Gross Amount

$60,000

Loan Approval from the SBA

Of the total $60,000 loan amount, the SBA guaranteed $51,000.

More Information on This SBA Loan

The borrower borrowed this money for an existing business. The SBA's records indicate that the loan was not for investment in a franchise. At the time of the loan, the company had only one employee. The loan application did not indicate that the business planned to use the money to hire new employees or retain any existing employees.

Next Steps for Getting an SBA Loan

SBA loan applications are made through a bank. The SBA guarantees a loan to the bank, so in case the borrower defaults, the bank is guaranteed a portion of the loan by the SBA.

Unless you are not in a hurry to get an SBA loan, it's best to work with a bank like Farmington Savings Bank that has already issued SBA-guaranteed loans. To get an SBA loan fast, work with a bank that participates in the SBA's Preferred Lenders Program (PLP).

About This SBA Loan Information:

All SBA loan data displayed above comes from the government's publicly available SBA loan database. Information on this page is provided by the Gaebler.com news organization to inform business owners, aspiring entrepreneurs and others about SBA loan activity. LoanCensus.com does not assist businesses with obtaining SBA loans and was not involved in any way with this transaction. For additional information, see our Loan Information FAQ.

Related Links:

Business Incubators

Banks in Bristol, Connecticut

Getting an SBA Loan in Connecticut